UK’s duty of responsibility extends to insurance executives
Saturday, 10 17 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Executives at UK insurers, mortgage brokers and payday-loan companies will be covered by the same “duty of responsibility” as those in banks under legislation introduced in Parliament Thursday.
The Bank of England and Financial Services Bill, which will be introduced to the House of Lords, will extend the Senior Managers and Certification Regime across the entire financial-services industry. All will have a new responsibility to take steps to prevent rules being broken.
“A key part of the government’s long-term plan is to restore trust in Britain’s financial-services sector so that it works better for customers and businesses,” the Treasury said in an e-mailed statement.
Source: Insurance Journal